Wednesday, May 28, 2014

Don't Let a Slow Economy Strangle Your Medical Practice’s Progress

medical practice during slow economiesMedical Practice experts remind us that that the economic downturn a few years ago marked the first time in recent memory when healthcare has proved not to be “recession- proof.” That fragile economy made it more difficult than ever to get patients to come in for non-emergency care and was truly a tough time for physicians. The memory continues and a "skittishness" to invest for growth exists.

Wednesday, May 14, 2014

Improve Your Collections Percentages and Accounts Receivable: Strategies

In our work with medical practices, we know that collecting self-pay and co-insurance balances from patients ranks high as one of medical practices’ most pressing management challenges. Focusing on these accounts holds the most promise for practices hoping to improve their collection rates.

The single most important key to effective patient collections is time. The older the balance due, the less likely you’ll collect all of it. It starts at the front desk, where you’ll find it necessary to apply significant and repetitive training to get consistent co-payment and self-pay collections up front.

Friday, May 9, 2014

So Your Physician Wants to Drop Call ... A Tough Issue for Group Practices

Drop call
A group was wrestling with how to adjust compensation for a senior physician wanting to drop call. The group’s nonproduction-based compensation structure further complicated the question: “How much is call worth?”

Planning early—before someone asks to slow down—to hammering out the tiniest details and amending employment contracts with new language. One respondent said his practice valued call coverage so highly, it became a non-negotiable item: Either you remain on the call schedule or retire outright.

Friday, May 2, 2014

Authentic Strategic Planning

Strategic planning in medical practice
Medical practices are taking note of the importance of strategic planning, as they tread the unknown waters of healthcare reform and adapt to changes they may not have invited. According to Practice Management Consultant, Judy Capko of Capko & Morgan, key stakeholders of private medical practices really need to understand what it takes to succeed with efforts to create and successfully execute a strategic plan. But do they know the importance of developing an authentic and that in order to be authentic it must be driven by the practice mission? If the strategic plan is not authentic in consistently delivering on the mission it is likely to fail. If it is authentic it will guide the practice in achieving its strategic goals. Start on your path to strategic success by keeping these essentials in mind while go through the strategic planning process.